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View Annual Report IN OUR AS WE ENTER OUR 70TH YEAR, OUR FOCUS IS SQUARELY ON THE FUTURE. In 1945, Charles Kaman, a self-described “headstrong 2014 twenty-six year old,” founded Kaman Aircraft Corporation KAMAN CORPORATION ANNUAL REPORT 2014 REPORT ANNUAL KAMAN CORPORATION ANNUAL REPORT, in the garage of his mother’s West Hartford, Connecticut home. His goal: demonstrate a new rotor concept he devised to make helicopters more stable and easier to fly. WE CELEBRATE Within two years the K-125 helicopter was in the air. 70 YEARS OF BREAKTHROUGHS. Bloomfield, Connecticut BUILDING A (860) 243–7100 www.kaman.com 14Seventy years later, our founder’s2015 spirit of invention and 2015FUTURE 20 determination continue to inspire everyone at Kaman. Pushing beyond the expected to create and deliver THROUGH something new and better for our customers is a driving force behind our continued momentum. INNOVATION. KAMAN CORPORATION ANNUAL REPORT 2014 282102_CS_NARR_R3.indd 1 2/19/15 1:43 PM IN OUR 2014 KAMAN CORPORATION ANNUAL REPORT 2014 REPORT ANNUAL KAMAN CORPORATION ANNUAL REPORT, WE CELEBRATE 70 YEARS OF BREAKTHROUGHS. Bloomfield, Connecticut BUILDING A (860) 243–7100 www.kaman.com 2015194 FUTURE 20 THROUGH INNOVATION. KAMAN CORPORATION ANNUAL REPORT 2014 AS WE ENTER OUR 70TH YEAR, OUR FOCUS IS SQUARELY ON THE FUTURE. In 1945, Charles Kaman, a self-described “headstrong twenty-six year old,” founded Kaman Aircraft Corporation in the garage of his mother’s West Hartford, Connecticut home. His goal: demonstrate a new rotor concept he devised to make helicopters more stable and easier to fly. Within two years the K-125 helicopter was in the air. 14Seventy years later, our founder’s2015 spirit of invention and determination continue to inspire everyone at Kaman. Pushing beyond the expected to create and deliver something new and better for our customers is a driving force behind our continued momentum. 282102_CS_NARR_R3.indd 1 2/19/15 1:43 PM “ We have always been a company focused on the future, developing strategies that will enable us to meet the changing needs of the industries we serve.” Neal J. Keating Chairman, President and Chief Executive Officer 282102_CS_NARR_R3.indd 2 2/19/15 1:43 PM DEAR SHAREHOLDERS, As you read this letter, Kaman is marking our 70th delivered improved margin performance, and year in business. There is much to celebrate. that Distribution delivered another year of organic We have grown from a single breakthrough idea sales growth in a challenging environment. In from a legendary aerospace entrepreneur into a addition to improved margins, we generated global provider of highly engineered aerospace very strong free cash flow during the year: and industrial products serving a broad range of $80.8 million from continuing operations in end markets. Our 4,800 employees in more than 2014, compared to $24.0 million during 2013, 260 locations are among the most dedicated, and 2014 marked the 45th consecutive year of innovative and loyal anywhere, inspired by the dividend payments by Kaman. spirit and wisdom of our founder, Charles Kaman. These results reflect our long-term commitment This important milestone is less a reason to to improving financial performance. We focus look back than it is an opportunity to look on driving strong top-line growth while delivering toward the future. How will we sustain—and earnings growth through building scale and accelerate—the strong momentum we’ve built implementing operating efficiencies. Increasing up over the past several years? How can we cash flow to finance future growth remains a deliver even more value to our customers across core commitment. all of our businesses? How will we create a more prosperous and more innovative company for our I believe our 2014 results demonstrate that customers, our shareholders, our colleagues and Kaman is strategically positioned for future our communities? These are the questions that success. We have an outstanding portfolio of inspire all of us at Kaman to build on our 70-year intellectual property and technological know- foundation to achieve even greater success. how across our Aerospace businesses, and our Distribution business is aligned with best-in-class As we enter our eighth decade, we continue to vendors. Our ongoing investments in infrastructure execute on a business strategy that has delivered and technology, combined with our relentless solid results. In 2014, Kaman reported net focus on innovation and operational excellence, earnings from continuing operations of $65.8 position us to drive greater efficiencies and million, or $2.37 per diluted share, compared to increase financial performance. Our disciplined $59.1 million, or $2.17 per diluted share, in 2013, acquisition approach continues to play an integral an increase of 9.2%. Net sales from continuing role supporting our strategy while improving the operations for 2014 increased 8.5% to $1.79 scale, building capabilities and enhancing the billion, compared to $1.65 billion in 2013. I am financial performance of our company. pleased that both Aerospace and Distribution Distribution Our acquisitions over the last several years, In the Distribution segment, our three-platform including Catching, Minarik and Zeller, continue product strategy is beginning to deliver results. to perform well. In fact, identifying strategic The three product platforms—Bearings and Power acquisitions and integrating them into the Transmission; Fluid Power; and Automation, Distribution platform is a core capability at Control, and Energy (AC&E)—differentiate Kaman Kaman, and one that will continue to serve us in the marketplace and enable us to better deliver well in the future. broader technical solutions to our customers. The success of this strategy is evident in the progress In 2014 we launched an important growth we are making toward our long-term objectives. initiative to hire approximately 50 additional Distribution revenues from continuing operations salespeople to accelerate revenue growth rose 11.7% in 2014 to $1.16 billion, from $1.04 and capitalize on market opportunities. We billion in 2013, almost double our revenues in successfully integrated these new salespeople 2009. Operating profit from continuing operations during 2014, and we are confident they will for 2014 was $56.8 million, an increase of 22.9% positively impact our 2015 results. During from $46.2 million in 2013. Operating margins 2014, we also began the rollout of our new ERP from continuing operations reached 4.9% in system at our AC&E Minarik operations. The 2014, up from 4.4% in 2013. rollout represents a significant milestone for the project, and while we experienced near-term In April we completed the acquisition of challenges, the implementation overall was a B.W. Rogers, the largest single distribution success. Distribution’s ERP project is a multi- acquisition in Kaman’s history. B.W. Rogers is year investment that will play an important role a broad line distributor of fluid power products, in reaching our goal of 7%+ operating margins. including hydraulic hoses, fittings, pumps, motors, cylinders, valves, pneumatics, machine Looking ahead, a number of trends hold promise control and automation products. The acquisition for significant long-term growth in Distribution. significantly enhances our fluid power and On the supplier front, consolidation favors larger AC&E product platforms. B.W. Rogers is one of national service providers like Kaman. There is the largest and longest serving distributors of an increasing need for value-added services, Parker Hannifin motion and control products precisely the type of solutions that we have and operates from twenty-one locations in seven been building—and delivering—over the past states. B.W. Rogers shares our commitment several years. The remarkable increase in factory to service, technical expertise, system design automation will drive the need for new fluid and support, and the acquisition provides new power and high-speed automation solutions, a industry exposure in the automotive sector. With trend that fits our core strengths. Finally, despite this acquisition, Kaman owns one of the largest consolidation among service providers, industrial networks of ParkerStores, with thirty locations distribution remains a largely fragmented market, across the U.S. and Puerto Rico, including a offering opportunities for Kaman to make strategic contiguous territory from the Northeast through acquisitions that increase our geographic the Midwest, further strengthening our position coverage, product capabilities and overall scale. and commitment to serve our customers with premium fluid power products and services. The acquisition also added more than 200 talented and dedicated employees to our team. Aerospace the first delivery of a 747-8 wing-to-body fairing— Similar to Distribution, Aerospace turned in a on schedule and on budget. solid performance in 2014, continuing a strong five-year run. Revenues for 2014 were $633.0 Precision Products had a very good year, led million, an increase of 3.1% from 2013 revenues by continued strong orders and volume for of $614.0 million. Operating profit for 2014 was the highly reliable joint programmable fuze $108.7 million, compared to $102.6 million in (JPF). In fact, the JPF field reliability remains 2013, an increase of 6.0%. This represents a high: 99.27% with the U.S. Air Force since its five-year compound annual growth rate of 13% introduction to service. Among significant new in operating profit dollars. orders are contract modifications for the JPF with the U.S. Air Force worth $94 million; these Our Specialty Bearings business continues to resulted in a JPF backlog at the end of the year of deliver outstanding performance. We established approximately $115 million. In addition to the U.S. a strong position on the Airbus A350 and Air Force, for which Kaman has been the sole a number of other new programs that will provider of the JPF since 2002, Kaman provides provide long-term growth.
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