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Kaman Corporation · Annual Report 2016 Powering the Future Corporate and Shareholder Information Kaman Corporation and Subsidiaries PEOPLE POWERING THE FUTURE KAMAN CORPORATION · ANNUAL REPORT 2016 POWERING THE FUTURE CORPORATE AND SHAREHOLDER INFORMATION KAMAN CORPORATION AND SUBSIDIARIES CORPORATE HEADQUARTERS Kaman Corporation 1332 Blue Hills Avenue Bloomfield, Connecticut 06002 (860) 243-7100 STOCK LISTING Kaman Corporation’s common stock is traded on the New York Stock Exchange under the symbol KAMN. INVESTOR, MEDIA, AND PUBLIC RELATIONS CONTACT Eric B. Remington Vice President, Investor Relations (860) 243-6334 [email protected] ANNUAL MEETING The Annual Meeting of Shareholders is scheduled to be held on Wednesday, April 19, 2017 at 9:00 am local time at the offices of the Company, 1332 Blue Hills Avenue, Bloomfield, Connecticut, 06002. TRANSFER AGENT Computershare P.O. Box 30170 College Station, Texas 77842-3170 (866) 339-2742 www.computershare.com/investor Overnight correspondence should be sent to: Computershare 211 Quality Circle, Suite 210 College Station, Texas 77845 PEOPLE POWERING INNOVATION PEOPLE POWERING VALUE-ADDED SOLUTIONS PEOPLE POWERING GLOBAL SUCCESS PEOPLE POWERING NEW RELATIONSHIPS PEOPLE POWERING KAMAN KAMAN ANNUAL REPORT 2016 1 “ When I consider the future of Kaman, it’s the people who inspire the most confi dence in our continued success. We have an exceptional team across all of our businesses. They are truly the future of this company.” Neal J. Keating Chairman, President and Chief Executive Offi cer DEAR SHAREHOLDERS, When thinking about Kaman’s future, what excites me delivering outstanding experiences to our customers, most is not our products, solutions, technologies, and resulting in record satisfaction scores. In Aerospace, infrastructure, important as these are to our continued strong growth put pressure on our people to step up success. What excites me most is the extraordinary and meet increased demand – and they delivered blend of skills and talents our 5,300 employees across across the board. the globe bring to Kaman. Every day, here in Connecticut and as I travel to Kaman locations around the world, I see In 2016, Kaman reported net earnings from continuing fresh examples of their dedication to exceeding customer operations of $58.9 million, or $2.10 per diluted share, expectations, supporting their colleagues, and building compared to $60.4 million, or $2.17, in 2015. Earnings our company together. were impacted by lower organic revenues in Distribution, which were 6.5% lower than the prior year. Once again, This dedication was never more evident than in 2016, we generated very strong cash fl ow during the year: when we delivered solid results in the face of signifi cant $107.7 million net cash provided by operating activities in market headwinds. In Distribution, prolonged weakness 2016, compared to $109.6 million during 2015. With our in industrial end-markets weighed on our fi nancial results. January 2017 dividend payment, we have paid dividends Despite this, we continued to invest in productivity for 47 consecutive years and remain committed to initiatives, including operational process improvements returning capital to shareholders. During 2016, our share and data analytics that position our Distribution segment repurchase program and dividends, combined, returned to deliver improved future results. Importantly, the team $33 million to shareholders, a record for the company. at our Distribution segment has continued its focus on KAMAN ANNUAL REPORT 2016 3 Aerospace turned in another year of strong performance in 2016. We have also maintained our commitment to Boeing order in 2016. We completed the expansion of our investing in the future of our company. This includes facility in Bloomfield, Connecticut, and continue to invest investments in machinery and equipment, expanded in other facilities to meet current and projected growth. facilities, and new ERP systems in both Distribution and Aerospace. Perhaps most significantly, 2016 The integration of EXTEX, our 2015 acquisition, with once again demonstrated our strong commitment to our specialty bearings business has proceeded investing in our people. We graduated the first class according to plan, and we are beginning to leverage our of the Kamatics Apprentice Training Program, a multi- international sales force to open up significant new global year machinist initiative. We inducted the fourth class opportunities. The acquisition of GRW Bearing GmbH of the Kaman Leadership Development Program for high (GRW), our largest-ever acquisition, also closed in late potential employees, and launched Women Advocating 2015. As with EXTEX, the integration of GRW into the Leadership at Kaman, or WALK, which aims to increase Kaman family during 2016 has been very successful, Kaman’s global representation of women in leadership and we look forward to the continued contributions of roles. We also implemented a new Talent Management both companies as we enter 2017. System, “My Kaman Career Connection,” which includes performance, succession, and learning modules that In our fuzing and precision product lines, the JPF empower employees and managers to better track achieved record production, revenue, and profit in 2016. goals and progress. The high reliability and functionality of this product has resulted in unprecedented interest and demand from AEROSPACE outside the U.S. as well as domestically. Order backlog for the JPF remains strong, and to meet this demand, our Aerospace turned in another year of strong performance Orlando, Florida and Middletown, Connecticut operations in 2016. Revenues for 2016 were $702.1 million, an have expanded their workforces significantly. increase of 17.5% from 2015 revenues of $597.6 million. These results reflect higher organic sales, due primarily In 2015, we announced that our Aerosystems group had to increased deliveries of the Joint Programmable resumed production of commercial K-MAX® heavy-lift Fuze (JPF) to the U.S. Government and the contributions utility helicopters. The aircraft are being manufactured from our 2015 acquisitions. Operating profit for 2016 at our Jacksonville, Florida and Bloomfield, Connecticut increased 4.2% to $115.0 million from $110.3 million facilities. We expect the first new helicopter to be in 2015, reflecting strong operating performance. This delivered in the first half of 2017. The first customer for represents a five-year compound annual growth rate the new K-MAX® is a Chinese firm, with orders for three of 7.4% in operating profit dollars. helicopters. This initial sale was the result of a multi- year effort to gain access to the significant Chinese Our specialty bearings product lines continued to record market. In addition, we continue to work with both the outstanding results in 2016, led by Kamatics, which U.S. military and Department of the Interior to develop celebrated its 50th anniversary. Demand from the Airbus additional functionality, with the goal of establishing a A350 program continues to meet our high expectations. program of record for the unmanned K-MAX® aircraft, Our RWG facility in Höchstadt, Germany, which earned developed with Lockheed Martin. site qualification from Boeing in 2015, received its first 4 KAMAN ANNUAL REPORT 2016 To continue to strengthen our platform, we invested in facilities and consolidated locations. During 2016, we launched an initiative at Distribution to strengthen the business through implementing operational process improvements and building proprietary data analytical tools. These efforts have been successful; today, Distribution is well positioned for future growth and improved profitability. Through a number of acquisitions over the last five years, as well as through organic expansion, Parker Hannifin is now Distribution’s largest supplier, a partnership that remains strong not only within the Fluid Power platform, Pictured in the Bloomfield paint booth is the first but also across all three Distribution platforms. During K-MAX® built at the company’s Jacksonville plant. 2016, we invested in upgrading and expanding several of our ParkerStore locations across the United States, allowing us to provide a better, higher quality experience As part of our long-term strategic plan, Kaman Aerospace to our customers. has continued expanding its footprint to capitalize on market opportunities and stay close to current and To further strengthen our platform, we have invested in prospective customers. Today, we have twenty-one our facility infrastructure and have consolidated locations. facilities in six countries, including the U.S.; our non-U.S.- Upgraded facilities will drive more efficient operations and based Aerospace workforce is now fully one-third that enable us to deliver greater value to our customers. It is of our domestic workforce. Kaman Aerospace is truly a worth noting that the cost of implementing quality and global organization well positioned in the ever-changing productivity enhancements tends to mask the bottom-line aerospace market. improvements achieved in Distribution; we expect that they will lead to margin growth in 2017, as the costs of DISTRIBUTION implementing these improvements wind down. Our Distribution business faces a challenging market In 2016, we saw continued consolidation among environment. While the broader economy continues suppliers, which favors larger national service providers to expand, mostly driven by consumer spending like Kaman. In 2017 and beyond, we will maintain our on services, including housing, health care, and focus on delivering value-added services, which create transportation, the industrial
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