Financial News

Kaman Reports Third Quarter 2023 Results

Third Quarter 2023 Highlights:

  • Revising full year outlook after another strong quarter; Expect higher sales, operating income and adjusted EBITDA led by sustained growth in Engineered Products
  • Net sales: $183.0 million
  • Operating income: $11.9 million
  • Net earnings: $1.5 million
  • Adjusted EBITDA*: $25.2 million; Adjusted EBITDA margin*: 13.8%
  • Diluted earnings per share: $0.05 per share, $0.10 per share adjusted*

Kaman Corp. (NYSE:KAMN) today reported financial results for the third fiscal quarter ended September 29, 2023.

Table 1. Summary of Financial Results (unaudited)

 

 

 

 

Thousands of U.S. dollars

(except share data)

 

Three Months Ended

 

For the Nine Months Ended

 

 

September 29,

2023

 

June 30,

2023

 

September 30,

2022

 

September 29,

2023

 

September 30,

2022

Net sales

 

$

183,031

 

$

195,158

 

$

172,004

 

$

572,731

 

$

490,818

Net earnings (loss)

 

 

1,466

 

 

5,255

 

 

(280)

 

 

5,952

 

 

7,369

Adjusted EBITDA*

 

 

25,232

 

 

32,008

 

 

19,467

 

 

81,058

 

 

47,520

Adjusted EBITDA margin*

 

 

13.8 %

 

 

16.4 %

 

 

11.3 %

 

 

14.2 %

 

 

9.7 %

Diluted earnings (loss) per share

 

$

0.05

 

$

0.19

 

$

(0.01)

 

$

0.21

 

$

0.26

Adjusted diluted earnings per share*.

 

$

0.10

 

$

0.22

 

$

0.29

 

$

0.37

 

$

0.72

*See the end of this release for an explanation of the Company's use of Adjusted EBITDA, Adjusted EBITDA margin, Free cash flow and Adjusted diluted earnings per share. See tables 5-11 for reconciliations to the most comparable GAAP measure.

(1)Information for the period September 30, 2022 has been revised from amounts reported in the prior year to correct errors related to the accounting for certain labor costs at one business in the Precision Products segment and the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. These errors resulted in an understatement of cost of sales, net of tax, of $0.9 million and $1.3 million, in the three-month and nine-month fiscal periods ended September 30, 2022, respectively. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

"Our Engineered Products segment continues to demonstrate sustained strong performance with year over year growth in both sales and operating income. This strength provides confidence to raise our sales, operating income and adjusted EBITDA expectations for 2023. In the nine-month period, operating income was $37.1 million, net earnings was $6.0 million and Adjusted EBITDA was $81.1 million. In the quarter, net sales for the Company increased by 6.4% compared to the prior year led by organic growth of 20.9% in our Engineered Products segment. Positive order intake continues to support near-record backlog at this segment, particularly in our PMA aftermarket and bearings businesses," said Ian K. Walsh, Chairman, President and Chief Executive Officer.

"This quarter we celebrate the one-year anniversary of our Aircraft Wheel and Brake acquisition and are pleased with the meaningful margin expansion that it provides to our Engineered Products segment. As we continue to reshape our portfolio, optimizing our cost structure and eliminating the major sources of variation in performance, we also remain disciplined in our approach to capital allocation, realizing additional opportunities to reduce expense across the organization. We are focused on paying down debt through the remainder of the year and will continue to invest in the Company's highest-margin assets and opportunities. We are confident in our transformational strategy as we enhance our profitability and position Kaman to deliver sustainable shareholder value," said Walsh.

OUTLOOK DISCUSSION

Given the strength in our performance at our Engineered Products segment, we are raising our expectations for sales, operating income, Adjusted EBITDA and diluted EPS. Operating Cash Flow and Free Cash Flow expectations remain consistent with our prior outlook as we continue to invest in the future growth of our Engineered Products segment and improvements in our Structures segment.

 

 

Previous Outlook

 

Current Outlook

Net sales

 

$730.0 - $750.0 million

 

$765.0 - $775.0 million

Net earnings

 

$3.7 - $11.3 million

 

$6.5 - $12.2 million

Adjusted EBITDA

 

$97.5 - $107.5 million

 

$102.5 - $110.0 million

Adjusted EBITDA margin

 

13.4% - 14.3%

 

13.4% - 14.2%

Diluted EPS

 

$0.13 - $0.40 per share

 

$0.23 - $0.43 per share

Adjusted diluted EPS

 

$0.29 - $0.56 per share

 

$0.40 - $0.60 per share

Cash from operating activities

 

$60.0 - $70.0 million

 

$60.0 - $70.0 million

Free cash flow

 

$35.0 - $45.0 million

 

$35.0 - $45.0 million

For further information, the Company's supplemental presentation relating to the third quarter 2023 results and 2023 outlook will be posted to the Company's website, as detailed below.

KAMAN BUSINESS RESULTS DISCUSSION BY REPORTING SEGMENT

Kaman manages its portfolio through three segments: (1) Engineered Products; (2) Precision Products; and (3) Structures.

Engineered Products - Our Engineered Products segment serves the aerospace and defense, industrial and medical markets providing sophisticated, proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; and wheels, brakes and related hydraulic components for helicopters, fixed-wing and UAV aircraft.

Table 2. Engineered Products Results

Thousands of U.S. dollars

 

Three Months Ended

 

Nine Months Ended

 

 

September 29,

2023

 

June 30,

2023

 

September 30,

2022

 

September 29,

2023

 

September 30,

2022

Net sales

 

$ 123,598

 

$ 133,513

 

$ 92,052

 

$ 380,437

 

$ 263,269

Operating income

 

29,026

 

30,542

 

14,156

 

78,924

 

40,665

Adjusted EBITDA

 

38,428

 

40,659

 

21,772

 

109,206

 

60,655

Adjusted EBITDA margin

 

31.1 %

 

30.5 %

 

23.7 %

 

28.7 %

 

23.0 %

Three months ended September 29, 2023 versus three months ended June 30, 2023 - Operating income decreased $1.5 million and Adjusted EBITDA decreased $2.2 million, primarily driven by lower sales and associated gross profit on PMA Aftermarket parts and the timing of sales at Aircraft Wheel and Brake resulting from our preparation for its ERP implementation.

Three months ended September 29, 2023 versus three months ended September 30, 2022 - Operating income increased $14.9 million, Adjusted EBITDA increased $16.7 million and margin increased 7.4 percentage points compared to the corresponding period in 2022, primarily due to the contribution from our Aircraft Wheel and Brake acquisition, higher sales and associated gross profit on our commercial and defense bearings products and PMA aftermarket parts and higher gross profit on our seals, springs and contacts.

Precision Products - Our Precision Products segment serves the aerospace and defense markets providing precision safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; support of our heavy lift K-MAX® manned helicopter, and development of the KARGO UAV unmanned aerial system, a purpose built autonomous medium lift logistics vehicle.

Table 3. Precision Products Results

 

 

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

 

Nine Months Ended

 

 

September 29,

2023

 

June 30,

2023

 

September 30,

2022

 

September 29,

2023

 

September 30,

2022

Net sales

 

$ 27,098

 

$ 28,059

 

$ 46,282

 

$ 93,128

 

$ 135,098

Operating (loss) income

 

(3,241)

 

(1,884)

 

5,296

 

(3,996)

 

10,725

Adjusted EBITDA

 

(2,458)

 

(1,078)

 

6,100

 

(1,595)

 

13,603

Adjusted EBITDA margin

 

(9.1) %

 

(3.8) %

 

13.2 %

 

(1.7) %

 

10.1 %

(1)Information for the period ended September 30, 2022 has been revised from amounts reported in the prior year to correct errors related to the accounting for certain labor costs at one business in the Precision Products segment. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

Three months ended September 29, 2023 versus three months ended June 30, 2023 - Operating income and Adjusted EBITDA decreased $1.4 million and margin decreased 5.3 percentage points versus the second quarter of 2023. Results declined compared to the prior quarter, driven by lower sales and gross profit on the JPF program and cost growth on legacy fuzing and measuring programs, partially offset by higher sales and associated gross profit from the K-MAX® aftermarket.

Three months ended September 29, 2023 versus three months ended September 30, 2022 - Operating income decreased $8.5 million, Adjusted EBITDA decreased $8.6 million and margin decreased 22.3 percentage points compared to the corresponding period in 2022, primarily attributable to lower sales and gross profit on the JPF program and cost growth on measuring programs, partially offset by higher sales and associated gross profit from the K-MAX® aftermarket and lower operating expenses at our Orlando facility as we begin to realize the benefits of the cost reduction initiatives announced earlier in the year.

Structures - Our Structures segment serves the aerospace and defense and medical end markets providing sophisticated complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft, and medical imaging solutions.

Table 4. Structures Results

 

 

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

 

Nine Months Ended

 

 

September 29,

2023

 

June 30,

2023

 

September 30,

2022

 

September 29,

2023

 

September 30,

2022

Net sales

 

$ 32,335

 

$ 33,586

 

$ 33,670

 

$ 99,166

 

$ 92,451

Operating loss

 

(3,020)

 

(106)

 

(642)

 

(3,769)

 

(2,121)

Adjusted EBITDA

 

(2,222)

 

675

 

228

 

(1,396)

 

542

Adjusted EBITDA margin

 

(6.9) %

 

2.0 %

 

0.7 %

 

(1.4) %

 

0.6 %

(1)Information for the period ended September 30, 2022 has been revised from amounts reported in the prior year to correct errors related to the net realizable value on certain portions of the Company's inventory at a business in the Structures segment. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

Three months ended September 29, 2023 versus three months ended June 30, 2023 - Operating loss increased $2.9 million, Adjusted EBITDA decreased $2.9 million and margin decreased 8.9 percentage points versus the second quarter of 2023, primarily attributable to lower sales and gross profit on the Sikorsky UH-60 BLACK HAWK program and the receipt of an insurance claim settlement in the prior quarter that related to a fire at one of our suppliers in the prior year.

Three months ended September 29, 2023 versus three months ended September 30, 2022 - Operating loss increased $2.4 million, Adjusted EBITDA decreased $2.5 million and margin decreased 7.6 percentage points compared to the third quarter of 2022, primarily attributable to lower sales and associated gross profit on the A-10 program and the Sikorsky UH-60 BLACK HAWK program.

Please see the MD&A section of the Company's Form 10-Q filed with the Securities and Exchange Commission concurrently with the issuance of this release for greater detail on our results and various company programs.

CONFERENCE CALL

A webcast and conference call has been scheduled for Thursday, November 2, 2023, at 8:30 AM ET. Participants must register for the teleconference. Once registration is complete, participants will be provided with a dial-in number containing a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. A live webcast will be available during the call and a replay will be available two hours after the call. Registration and webcast can be accessed at www.kaman.com/investors/ quarterly-earnings-calls. In its discussion, management may reference certain non-GAAP financial measures related to company performance. A reconciliation of that information to the most directly comparable GAAP measures is provided in this release. In addition, a supplemental presentation relating to the third quarter 2023 results will be posted to the Company’s website prior to the earnings call at www.kaman.com/investors/quarterly-earnings-calls.

ABOUT KAMAN CORPORATION

Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut, conducts business in the aerospace & defense, industrial and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; wheels, brakes and related hydraulic components for helicopters, fixed-wing and UAV aircraft; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; support of our heavy lift K-MAX® manned helicopter, and development of the KARGO UAV unmanned aerial system, a purpose built autonomous medium lift logistics vehicle. More information is available at www.kaman.com.

NON-GAAP MEASURES DISCLOSURE

Management believes that the Non-GAAP financial measures (i.e. financial measures that are not computed in accordance with Generally Accepted Accounting Principles) identified by an asterisk (*) used in this release or in other disclosures provide important perspectives into the Company's ongoing business performance. The Company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define the measures differently. We define the Non-GAAP measures used in this release and other disclosures as follows:

Adjusted EBITDA - Adjusted EBITDA for the consolidated company results is defined as net earnings before interest, taxes, other expense (income), net, depreciation and amortization and certain items that are not indicative of the operating performance of the Company for the periods presented. Adjusted EBITDA for the segments is defined as operating income before depreciation and amortization. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percent of Net sales. Management believes Adjusted EBITDA and Adjusted EBITDA margin provide an additional perspective on the operating results of the organization and its earnings capacity and helps improve the comparability of our results between periods because they provide a view of our operations that excludes items that management believes are not reflective of operating performance, such as items traditionally removed from net earnings in the calculation of EBITDA as well as Other expense (income), net and certain items that are not indicative of the operating performance of the Company for the period presented. Adjusted EBITDA and Adjusted EBITDA margin are not presented as an alternative measure of operating performance, as determined in accordance with GAAP. The following tables illustrate the calculation of Adjusted EBITDA:

Table 5. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

September 29, 2023

 

 

Consolidated

 

Engineered Products

 

Precision Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

183,031

 

$

123,598

 

$

27,098

 

$

32,335

 

$

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

9,405

 

 

 

 

 

 

 

 

Income tax expense

 

 

462

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(310)

 

 

 

 

 

 

 

 

Other expense, net

 

 

849

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

11,872

 

$

29,026

 

$

(3,241)

 

$

(3,020)

 

$

(10,893)

Depreciation and amortization

 

 

11,800

 

 

9,402

 

 

783

 

 

798

 

 

817

Restructuring and severance costs(1)

 

 

571

 

 

 

 

 

 

 

 

571

Integration and implementation costs(2)

 

 

572

 

 

 

 

 

 

 

 

572

Program inventory impairment(3)

 

 

417

 

 

 

 

 

 

 

 

417

Other Adjustments

 

$

13,360

 

$

9,402

 

$

783

 

$

798

 

$

2,377

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

25,232

 

$

38,428

 

$

(2,458)

 

$

(2,222)

 

$

(8,516)

Adjusted EBITDA margin

 

 

13.8 %

 

 

31.1 %

 

 

(9.1) %

 

 

(6.9) %

 

 

(1) Restructuring and severance costs include actions associated with the previously announced cost reduction efforts that include the consolidation of our JPF production facilities and discontinuation of the K-MAX® aircraft production line.

(2) Integration and implementation costs include one-time costs associated with the integration of Aircraft Wheel and Brake and costs associated with the set-up of a new joint venture to satisfy existing offset requirements the Company has with a foreign customer.

(3) Program inventory impairment includes the write-off of long lead parts received in the current period associated with K-MAX® program which were determined to have no alternative use.

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $1.1 million of unallocated expenses that are shown on the Consolidated Statement of Operations as their own line items.

Table 6. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

June 30, 2023

 

 

Consolidated

 

Engineered Products

 

Precision Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

195,158

 

$

133,513

 

$

28,059

 

$

33,586

 

$

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

5,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

10,340

 

 

 

 

 

 

 

 

Income tax expense

 

 

2,115

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(239)

 

 

 

 

 

 

 

 

Other expense, net

 

 

99

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

17,570

 

$

30,542

 

$

(1,884)

 

$

(106)

 

$

(10,982)

Depreciation and amortization

 

 

13,290

 

 

10,874

 

 

806

 

 

781

 

 

829

Restructuring and severance costs(1)

 

 

272

 

 

 

 

 

 

 

 

272

Integration and implementation costs(2)

 

 

1,037

 

 

 

 

 

 

 

 

1,037

Program inventory impairment(3)

 

 

596

 

 

 

 

 

 

 

 

596

Tax contingency reversal(4)

 

 

(757)

 

 

(757)

 

 

 

 

 

 

Other Adjustments

 

$

14,438

 

$

10,117

 

$

806

 

$

781

 

$

2,734

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

32,008

 

$

40,659

 

$

(1,078)

 

$

675

 

$

(8,248)

Adjusted EBITDA margin

 

 

16.4 %

 

 

30.5 %

 

 

(3.8) %

 

 

2.0 %

 

 

(1) Restructuring and severance costs include actions associated with the previously announced cost reduction efforts that include the consolidation of our JPF production facilities and discontinuation of the K-MAX® aircraft production line.

(2) Integration and implementation costs include one-time costs associated with the integration of Aircraft Wheel and Brake and costs associated with the set-up of a new joint venture to satisfy existing offset requirements the Company has with a foreign customer.

(3) Program inventory impairment includes the write-off of long lead parts received in the current period associated with K-MAX® program which were determined to have no alternative use.

(4) Following an evaluation of a wide range of factors, including legislative activity and administrative practices, the Company deemed a reserve was no longer needed for a certain tax contingency.

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $1.3 million of unallocated expenses that are shown on the Consolidated Statement of Operations as their own line items.

Table 7. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Three Months Ended

September 30, 2022

 

 

Consolidated

 

Engineered Products

 

Precision Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

172,004

 

$

92,052

 

$

46,282

 

$

33,670

 

$

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(280)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

3,614

 

 

 

 

 

 

 

 

Income tax benefit

 

 

(114)

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(5,142)

 

 

 

 

 

 

 

 

Other expense, net

 

 

1,221

 

 

 

 

 

 

 

 

Operating (loss) income

 

$

(701)

 

$

14,156

 

$

5,296

 

$

(642)

 

$

(19,511)

Depreciation and amortization

 

 

9,383

 

 

6,856

 

 

804

 

 

870

 

 

853

Restructuring and severance costs

 

 

(243)

 

 

 

 

 

 

 

 

(243)

Cost associated with corporate development activities

 

 

10,725

 

 

 

 

 

 

 

 

10,725

Inventory step-up associated with acquisition

 

 

760

 

 

760

 

 

 

 

 

 

(Gain) loss on sale of business

 

 

(457)

 

 

 

 

 

 

 

 

(457)

Other Adjustments

 

$

20,168

 

$

7,616

 

$

804

 

$

870

 

$

10,878

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

19,467

 

$

21,772

 

$

6,100

 

$

228

 

$

(8,633)

Adjusted EBITDA margin

 

 

11.3 %

 

 

23.7 %

 

 

13.2 %

 

 

0.7 %

 

 

(1)Information for the period ended September 30, 2022 has been revised from amounts reported in prior periods to correct errors related to the accounting for certain labor costs at one business in the Precision Products segment and the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $0.7 million of unallocated income that are shown on the Consolidated Statement of Operations as their own line items.

Table 8. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Nine Months Ended

September 29, 2023

 

 

Consolidated

 

Engineered Products

 

Precision Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

572,731

 

$

380,437

 

$

93,128

 

$

99,166

 

$

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

5,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

29,349

 

 

 

 

 

 

 

 

Income tax expense

 

 

2,371

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(930)

 

 

 

 

 

 

 

 

Other income, net

 

 

377

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

37,119

 

$

78,924

 

$

(3,996)

 

$

(3,769)

 

$

(34,040)

Depreciation and amortization

 

 

38,244

 

 

31,039

 

 

2,401

 

 

2,373

 

 

2,431

Restructuring and severance costs(1)

 

 

3,033

 

 

 

 

 

 

 

 

3,033

Integration and implementation costs(2)

 

 

2,406

 

 

 

 

 

 

 

 

2,406

Program inventory impairment(3)

 

 

1,013

 

 

 

 

 

 

 

 

1,013

Tax contingency reversal(4)

 

 

(757)

 

 

(757)

 

 

 

 

 

 

Other Adjustments

 

$

43,939

 

$

30,282

 

$

2,401

 

$

2,373

 

$

8,883

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

81,058

 

$

109,206

 

$

(1,595)

 

$

(1,396)

 

$

(25,157)

Adjusted EBITDA margin

 

 

14.2 %

 

 

28.7 %

 

 

(1.7) %

 

 

(1.4) %

 

 

(1) Restructuring and severance costs include actions associated with the previously announced cost reduction efforts that include the consolidation of our JPF production facilities, discontinuation of the K-MAX® aircraft production line and Corporate headcount reductions.

(2) Integration and implementation costs include one-time costs associated with the integration of Aircraft Wheel and Brake and costs associated with the set-up of a new joint venture to satisfy existing offset requirements the Company has with a foreign customer.

(3) Program inventory impairment includes the write-off of long lead parts received in the current period associated with K-MAX® program which were determined to have no alternative use.

(4) Following an evaluation of a wide range of factors, including legislative activity and administrative practices, the Company deemed a reserve was no longer needed for a certain tax contingency.

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $4.5 million of unallocated expenses that are shown on the Consolidated Statement of Operations as their own line items.

Table 9. Adjusted EBITDA (unaudited)

 

 

 

 

Thousands of U.S. dollars

 

Nine Months Ended

September 30, 2022

 

 

Consolidated

 

Engineered Products

 

Precision Products

 

Structures

 

Corp/Elims**

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Consolidated Results

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

490,818

 

$

263,269

 

$

135,098

 

$

92,451

 

$

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

7,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

8,088

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

1,631

 

 

 

 

 

 

 

 

Non-service pension and post retirement benefit income

 

 

(15,429)

 

 

 

 

 

 

 

 

Other expense (income), net

 

 

2,415

 

 

 

 

 

 

 

 

Operating income (loss)

 

$

4,074

 

$

40,665

 

$

10,725

 

$

(2,121)

 

$

(45,195)

Depreciation and amortization

 

 

27,037

 

 

19,230

 

 

2,878

 

 

2,663

 

 

2,266

Restructuring and severance costs

 

 

2,853

 

 

 

 

 

 

 

 

2,853

Cost associated with corporate development activities

 

 

13,253

 

 

 

 

 

 

 

 

13,253

Inventory step-up associated with acquisition

 

 

760

 

 

760

 

 

 

 

 

 

(Gain) loss on sale of business

 

 

(457)

 

 

 

 

 

 

 

 

(457)

Other Adjustments

 

$

43,446

 

$

19,990

 

$

2,878

 

$

2,663

 

$

17,915

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

47,520

 

$

60,655

 

$

13,603

 

$

542

 

$

(27,280)

Adjusted EBITDA margin

 

 

9.7 %

 

 

23.0 %

 

 

10.1 %

 

 

0.6 %

 

 

(1)Information for the period September 30, 2022 has been revised from amounts reported in prior periods to correct errors related to the accounting for certain labor costs at one business in the Precision Products segment and the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

**Corp/Elims Operating income (loss) represents the Corporate office expenses and $2.5 million of unallocated expenses that are shown on the Consolidated Statement of Operations as their own line items.

Adjusted Net Earnings and Adjusted Diluted Earnings Per Share - Adjusted net earnings and adjusted diluted earnings per share are defined as GAAP "Net earnings" and "Diluted earnings per share", less items that are not indicative of the operating performance of the business for the periods presented. These items are included in the reconciliation below. Management uses adjusted net earnings and adjusted diluted earnings per share to evaluate performance period over period, to analyze the underlying trends in our business and to assess its performance relative to its competitors. We believe that this information is useful for investors and financial institutions seeking to analyze and compare companies on the basis of operating performance.

The following table illustrates the calculation of adjusted net earnings and adjusted diluted earnings per share:

Table 10. Adjusted Net Earnings and Adjusted Diluted Earnings per Share (unaudited)

Thousands of U.S. dollars (except share data)

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

 

September 29, 2023

 

September 30, 2022

 

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

Net earnings (loss)

 

$

1,928

 

$

1,466

 

$

0.05

 

$

(394)

 

$

(280)

 

$

(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and severance costs

 

 

571

 

 

451

 

 

0.02

 

 

(243)

 

 

(189)

 

 

(0.01)

Integration and implementation costs

 

 

572

 

 

452

 

 

0.02

 

 

 

 

 

 

Costs associated with corporate development activities

 

 

 

 

 

 

 

 

10,725

 

 

8,363

 

 

0.30

Inventory step-up associated with acquisition

 

 

 

 

 

 

 

 

760

 

 

593

 

 

0.02

Program inventory impairment

 

 

417

 

 

329

 

 

0.01

 

 

 

 

 

 

(Gain) loss on sale of business

 

 

 

 

 

 

 

 

(457)

 

 

(356)

 

 

(0.01)

Adjustments

 

$

1,560

 

$

1,232

 

$

0.05

 

$

10,785

 

$

8,411

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net earnings

 

$

3,488

 

$

2,698

 

$

0.10

 

$

10,391

 

$

8,131

 

$

0.29

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

 

 

 

 

28,350

 

 

 

 

 

 

28,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

Net earnings

 

$

7,370

 

$

5,255

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and severance costs

 

 

272

 

 

215

 

 

Integration and implementation costs

 

 

1,037

 

 

819

 

 

0.03

Program inventory impairment

 

 

596

 

 

471

 

 

0.02

Tax contingency reversal

 

 

(757)

 

 

(598)

 

 

(0.02)

Adjustments

 

$

1,148

 

$

907

 

$

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net earnings

 

$

8,518

 

$

6,162

 

$

0.22

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

 

 

 

 

28,355

(1))Information for the period ended September 30, 2022 has been revised from amounts reported in prior periods to correct errors related to the accounting for certain labor costs at one business in the Precision Products segment and the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information

Table 10. Adjusted Net Earnings and Adjusted Diluted Earnings per Share (unaudited) - continued

Thousands of U.S. dollars (except share data)

 

 

 

 

 

 

 

 

For the Nine Months Ended

 

For the Nine Months Ended

 

 

September 29, 2023

 

September 30, 2022

 

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

 

Pre-Tax

 

Tax-Effected

 

Diluted EPS

Net earnings

 

$

8,323

 

$

5,952

 

 

0.21

 

$

9,000

 

$

7,369

 

 

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring and severance costs

 

 

3,033

 

 

2,396

 

 

0.08

 

 

2,853

 

 

2,225

 

 

0.08

Integration and implementation costs

 

 

2,406

 

 

1,901

 

 

0.07

 

 

 

 

 

 

Costs associated with corporate development activities

 

 

 

 

 

 

 

 

13,253

 

 

10,334

 

 

0.37

Inventory step-up associated with acquisition

 

 

 

 

 

 

 

 

760

 

 

593

 

 

0.02

Program inventory impairment

 

 

1,013

 

 

800

 

 

0.03

 

 

 

 

 

 

Foreign wage tax provision reversal

 

 

(757)

 

 

(598)

 

 

(0.02)

 

 

 

 

 

 

(Gain) loss on sale of business

 

 

 

 

 

 

 

 

(457)

 

 

(356)

 

 

(0.01)

Adjustments

 

$

5,695

 

$

4,499

 

$

0.16

 

$

16,409

 

$

12,796

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net earnings

 

$

14,018

 

$

10,451

 

$

0.37

 

$

25,409

 

$

20,165

 

$

0.72

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

 

 

 

 

28,324

 

 

 

 

 

 

28,076

(1)Information for the period ended September 30, 2022 has been revised from amounts reported in prior periods to correct errors related to the accounting for certain labor costs at one business in the Precision Products segment and the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

Free Cash Flow - Free cash flow is defined as GAAP “Net cash provided by (used in) operating activities” in a period less “Expenditures for property, plant & equipment” in the same period. Management believes free cash flow provides an important perspective on our ability to generate cash from our business operations and, as such, that it is an important financial measure for use in evaluating the Company's financial performance. Free cash flow should not be viewed as representing the residual cash flow available for discretionary expenditures such as dividends to shareholders or acquisitions. Management uses free cash flow internally to assess overall liquidity. The following table illustrates the calculation of free cash flow.

Table 11. Free Cash Flow (unaudited)

Thousands of U.S. dollars

 

Three Months Ended

 

Last Twelve Months

 

 

December 31, 2022

 

March 31,

2023

 

June 30,

2023

 

September 29,

2023

 

September 29,

2023

Net cash provided by (used in) operating activities

 

$

54,669

 

$

(5,453)

 

$

24,259

 

$

10,867

 

$

84,342

Expenditures for property, plant & equipment

 

 

(6,063)

 

 

(5,948)

 

 

(6,888)

 

 

(7,028)

 

 

(25,927)

Free cash flow

 

$

48,606

 

$

(11,401)

 

$

17,371

 

$

3,839

 

$

58,415

FORWARD-LOOKING STATEMENTS

This report contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others: (i) changes in domestic and foreign economic and competitive conditions in markets served by the Company, particularly the defense, commercial aviation and industrial production markets; (ii) changes in government and customer priorities and requirements (including cost-cutting initiatives, government and customer shut-downs, the potential deferral of awards, terminations or reductions of expenditures to respond to the priorities of Congress and the Administration, or budgetary cuts resulting from Congressional actions or automatic sequestration); (iii) risks and uncertainties associated with the successful integration of our Aircraft Wheel and Brake acquisition; (iv) changes in geopolitical conditions in countries where the Company does or intends to do business; (v) the successful conclusion of competitions for government programs (including new, follow-on and successor programs) and thereafter successful contract negotiations with government authorities (both foreign and domestic) for the terms and conditions of the programs; (vi) the timely receipt of any necessary export approvals and/or other licenses or authorizations from the USG; (vii) timely satisfaction or fulfillment of material contractual conditions precedents in customer purchase orders, contracts, or similar arrangements; (viii) the existence of standard government contract provisions permitting renegotiation of terms and termination for the convenience of the government; (ix) the successful resolution of government inquiries or investigations relating to our businesses and programs; (x) risks and uncertainties associated with the successful implementation and ramp up of significant new programs, including the ability to manufacture the products to the detailed specifications required and recover start-up costs and other investments in the programs; (xi) potential difficulties associated with variable acceptance test results, given sensitive production materials and extreme test parameters; (xii) the receipt and successful execution of production orders under the Company's existing USG JPF contract, including the exercise of all contract options and receipt of orders from allied militaries, but excluding any next generation programmable fuze programs, as all have been assumed in connection with goodwill impairment evaluations; (xiii) the continued support of the existing K-MAX® helicopter fleet, including sale of existing K-MAX® spare parts inventory and the receipt of orders for new aircraft sufficient to recover our investments in the K-MAX® production line; (xiv) the accuracy of current cost estimates associated with environmental remediation activities; (xv) the profitable integration of acquired businesses into the Company's operations; (xvi) the ability to recover from cyber-based or other security attacks, information technology failures or other disruptions; (xvii) changes in supplier sales or vendor incentive policies; (xviii) the ability of our suppliers to satisfy their performance obligations, including any supply chain disruptions; (xix) the effects of price increases or decreases; (xx) the effects of pension regulations, pension plan assumptions, pension plan asset performance, future contributions and the pension freeze; (xxi) future levels of indebtedness and capital expenditures; (xxii) compliance with our debt covenants; (xxiii) the continued availability of raw materials and other commodities in adequate supplies and the effect of increased costs for such items; (xxiv) the effects of currency exchange rates and foreign competition on future operations; (xxv) changes in laws and regulations, taxes, interest rates, inflation rates and general business conditions; (xxvi) future repurchases and/or issuances of common stock;(xxvii) the occurrence of unanticipated restructuring costs or the failure to realize anticipated savings or benefits from past or future expense reduction actions; (xxviii) the ability to recruit and retain skilled employees; (xxix) the successful resolution of all pending and future investigations, litigation or claims relating to the manufacture or design of our products, including, without limitation, the K-MAX® helicopter; and (xxx) other risks and uncertainties set forth herein and in our 2022 Form 10-K and our third quarter 2023 Form 10-Q filed November 1, 2023.

Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

KAMAN CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Thousands of U.S. dollars, except share data) (unaudited)

 

 

 

Three Months Ended

 

For the Nine Months Ended

 

 

September 29, 2023

 

September 30, 2022

 

September 29, 2023

 

September 30, 2022

Net sales

 

$

183,031

 

$

172,004

 

$

572,731

 

$

490,818

Cost of sales

 

 

117,977

 

 

117,326

 

 

368,246

 

 

334,008

Program inventory impairment

 

 

417

 

 

 

 

1,013

 

 

Gross profit

 

 

64,637

 

 

54,678

 

 

203,472

 

 

156,810

Selling, general and administrative expenses

 

 

42,501

 

 

49,009

 

 

127,765

 

 

127,980

Research and development costs

 

 

4,022

 

 

3,937

 

 

15,122

 

 

14,265

Intangible asset amortization expense

 

 

5,593

 

 

3,118

 

 

19,937

 

 

8,024

Restructuring and severance costs

 

 

571

 

 

(243)

 

 

3,033

 

 

2,853

Gain on sale of business

 

 

 

 

(457)

 

 

 

 

(457)

Net loss on disposition of assets

 

 

78

 

 

15

 

 

496

 

 

71

Operating income (loss)

 

 

11,872

 

 

(701)

 

 

37,119

 

 

4,074

Interest expense, net

 

 

9,405

 

 

3,614

 

 

29,349

 

 

8,088

Non-service pension and post retirement benefit income

 

 

(310)

 

 

(5,142)

 

 

(930)

 

 

(15,429)

Other expense, net

 

 

849

 

 

1,221

 

 

377

 

 

2,415

Earnings (loss) before income taxes

 

 

1,928

 

 

(394)

 

 

8,323

 

 

9,000

Income tax expense (benefit)

 

 

462

 

 

(114)

 

 

2,371

 

 

1,631

Net earnings (loss)

 

$

1,466

 

$

(280)

 

$

5,952

 

$

7,369

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

0.05

 

$

(0.01)

 

$

0.21

 

$

0.26

Diluted earnings (loss) per share

 

$

0.05

 

$

(0.01)

 

$

0.21

 

$

0.26

Average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

28,247

 

 

28,037

 

 

28,189

 

 

27,997

Diluted

 

 

28,350

 

 

28,037

 

 

28,324

 

 

28,076

 

 

 

 

 

 

 

 

 

(1) The condensed consolidated statement of operations for the three-month and nine-month fiscal periods ended September 30, 2022 has been revised from amounts reported in the prior year to correct errors related to the accounting for certain labor costs at one business in the Precision Products segment and the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. These errors resulted in an understatement of cost of sales, net of tax, of $0.9 million and $1.3 million, respectively. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

KAMAN CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Thousands of U.S. dollars, except share data) (unaudited)

 

 

 

September 29, 2023

 

December 31, 2022

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

30,065

 

$

24,154

Accounts receivable, net

 

 

106,647

 

 

87,659

Contract assets

 

 

100,709

 

 

113,182

Inventories

 

 

201,439

 

 

172,383

Income tax refunds receivable

 

 

4,680

 

 

14,843

Other current assets

 

 

21,063

 

 

16,114

Total current assets

 

 

464,603

 

 

428,335

Property, plant and equipment, net of accumulated depreciation of $283,272 and $268,089, respectively

 

 

203,704

 

 

201,606

Operating right-of-use assets, net

 

 

6,325

 

 

7,391

Goodwill

 

 

380,243

 

 

379,854

Other intangible assets, net

 

 

352,208

 

 

372,331

Deferred income taxes

 

 

45,878

 

 

47,385

Other assets

 

 

54,831

 

 

51,207

Total assets

 

$

1,507,792

 

$

1,488,109

Liabilities and Shareholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of long-term debt

 

$

198,854

 

$

Accounts payable – trade

 

 

45,890

 

 

48,277

Accrued salaries and wages

 

 

31,027

 

 

31,395

Contract liabilities, current portion

 

 

7,884

 

 

4,081

Operating lease liabilities, current portion

 

 

3,110

 

 

3,332

Income taxes payable

 

 

2,214

 

 

393

Other current liabilities

 

 

45,540

 

 

39,097

Total current liabilities

 

 

334,519

 

 

126,575

Long-term debt, excluding current portion, net of debt issuance costs

 

 

382,000

 

 

561,061

Deferred income taxes

 

 

6,490

 

 

6,079

Underfunded pension

 

 

49,813

 

 

52,309

Contract liabilities, noncurrent portion

 

 

19,653

 

 

20,515

Operating lease liabilities, noncurrent portion

 

 

3,452

 

 

4,534

Other long-term liabilities

 

 

32,570

 

 

36,280

Commitments and contingencies

 

 

 

 

Shareholders' equity:

 

 

 

 

Preferred stock, $1 par value, 200,000 shares authorized; none outstanding

 

 

 

 

Common stock, $1 par value, 50,000,000 shares authorized; voting; 30,910,177 and 30,640,068 shares issued, respectively

 

 

30,910

 

 

30,640

Additional paid-in capital

 

 

251,843

 

 

245,436

Retained earnings

 

 

674,271

 

 

685,234

Accumulated other comprehensive income (loss)

 

 

(154,794)

 

 

(158,421)

Less 2,663,437 and 2,607,841 shares of common stock, respectively, held in treasury, at cost

 

 

(122,935)

 

 

(122,133)

Total shareholders’ equity

 

 

679,295

 

 

680,756

Total liabilities and shareholders’ equity

 

$

1,507,792

 

$

1,488,109

(1) The condensed consolidated balance sheet at December 31, 2022 has been revised from amounts reported in the prior year to correct misstatements related to the accounting for certain labor costs at one business in the Precision Products segment and the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. The correction of these errors impacted the amounts reported for inventory, income tax refunds receivable and retained earnings. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

 

KAMAN CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Thousands of U.S. dollars) (unaudited)

 

 

 

For the Nine Months Ended

 

 

September 29, 2023

 

September 30, 2022

Cash flows from operating activities:

 

 

 

 

Net earnings

 

$

5,952

 

$

7,369

Adjustments to reconcile earnings, net of tax to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

38,244

 

 

27,037

Amortization of debt issuance costs

 

 

2,985

 

 

1,882

Provision for doubtful accounts

 

 

1,495

 

 

619

Gain on sale of business

 

 

 

 

(457)

Net loss on disposition of assets

 

 

496

 

 

71

Program inventory impairment

 

 

1,013

 

 

Net loss on derivative instruments

 

 

620

 

 

2,670

Stock compensation expense

 

 

5,190

 

 

6,145

Non-cash consideration received for blade exchange

 

 

(1,309)

 

 

(827)

Deferred income taxes

 

 

212

 

 

1,600

Changes in assets and liabilities, excluding effects of acquisitions/divestitures:

 

 

 

 

Accounts receivable

 

 

(20,736)

 

 

(23,640)

Contract assets

 

 

12,467

 

 

(5,405)

Inventories

 

 

(30,952)

 

 

(19,478)

Income tax refunds receivable

 

 

10,158

 

 

(2,401)

Operating right of use assets

 

 

1,052

 

 

3,347

Other assets

 

 

(3,802)

 

 

(3,230)

Accounts payable - trade

 

 

(2,423)

 

 

(8,780)

Contract liabilities

 

 

2,951

 

 

4,246

Operating lease liabilities

 

 

(1,290)

 

 

(3,296)

Other current liabilities

 

 

5,057

 

 

(4,591)

Income taxes payable

 

 

1,867

 

 

(227)

Pension liabilities

 

 

3,005

 

 

(13,309)

Other long-term liabilities

 

 

(2,579)

 

 

(3,045)

Net cash provided by (used in) operating activities

 

 

29,673

 

 

(33,700)

Cash flows from investing activities:

 

 

 

 

Expenditures for property, plant & equipment

 

 

(19,864)

 

 

(17,626)

Investment in Near Earth Autonomy

 

 

 

 

(10,000)

Acquisition of businesses, net of cash acquired

 

 

(1,487)

 

 

(441,340)

Other, net

 

 

(708)

 

 

2,438

Net cash used in investing activities

 

 

(22,059)

 

 

(466,528)

Cash flows from financing activities:

 

 

 

 

Net borrowings under revolving credit agreement

 

 

19,000

 

 

412,000

Purchase of treasury shares

 

 

(780)

 

 

(762)

Dividends paid

 

 

(16,871)

 

 

(16,760)

Debt issuance costs

 

 

(4,833)

 

 

(4,285)

Other, net

 

 

1,903

 

 

1,725

Net cash (used in) provided financing activities

 

 

(1,581)

 

 

391,918

Net increase (decrease) in cash and cash equivalents

 

 

6,033

 

 

(108,310)

Effect of exchange rate changes on cash and cash equivalents

 

 

(122)

 

 

(1,132)

Cash and cash equivalents at beginning of period

 

 

24,154

 

 

140,800

Cash and cash equivalents at end of period

 

$

30,065

 

$

31,358

(1) The condensed consolidated statement of cash flows for the nine-month fiscal periods ended September 30, 2022 has been revised from amounts reported in the prior year to correct errors related to the accounting for certain labor costs at one business in the Precision Products segment and the net realizable value on certain portions of the Company's inventory at another business in the Structures segment. The correction of these errors impacted the amounts reported for net earnings, inventory and income tax refunds receivable. Refer to the Company's Form 10-Q for the quarter ended September 29, 2023 for further information.

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