Posted February 25, 2010
KIT's sales fall 20%
Kaman Industrial Technologies said its sales decreased 20.0% in the 2009 fourth quarter to $149.8 million from $187.2 million a year ago.
On a same-day sales basis, sales in the fourth quarter of 2009 were 14.7% lower than 2008. Segment operating income for the fourth quarter of 2009 was $3.4 million, a 42.6% decrease from operating income of $5.9 million in the fourth quarter of 2008. The operating profit margin for the fourth quarter of 2009 was 2.3% compared to 2.1% in the third quarter of 2009 and 3.1% in the fourth quarter of 2008.
KIT said sales for the quarter reflect the continued difficult economic environment and resultant weak market conditions for the company in addition to a very strong comparative period in 2008 which experienced a sales increase of 7.5%.
Sales for the full year 2009 were $645.5 million compared to $777.0 million in 2008, a decrease of 16.9%. As with the fourth quarter, the full year was impacted by weak market conditions due to the economic environment and a strong comparative sales increase of 11.0% in 2008, of which 6.2% was from acquisitions.
