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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
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KAMAN CORPORATION
(Exact name of issuer as specified in its charter)
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Connecticut 0-1093 06-0613548
(State of (Commission (I.R.S.Employer
Incorporation) File Number) Identification No.)
Blue Hills Avenue
Bloomfield, CT 06002
(Address of principal executive offices)
Registrant's telephone number, including area code:(203)243-7100
Not Applicable
(Former name or former address, if changes since last report.)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On January 20, 1995, the Company announced that it will take
a pre-tax charge of approximately $44 million to write-down
its investment in its subsidiary, Raymond Engineering Inc.
and to merge Raymond Engineering Inc. into another
subsidiary, Kaman Aerospace Corporation. As a result of
this charge the Company announced that it expects to report
a net loss of between $1.50 and $1.55 per common share for the
fourth quarter of 1994 and a net loss of between $.90 and $.95
per common share for the year ended December 31, 1994.
A copy of the Company's press release, dated January 20, 1995,
announcing the write-down is filed as Exhibit 99 hereto,
and the full text of such press release is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
NOT APPLICABLE.
(b) Pro Forma Financial Information.
NOT APPLICABLE.
(c) Exhibits.
The following document is filed as an Exhibit to this
Report:
Exhibit 99 - Press Release of the Company,
dated January 20, 1995
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this Report to be signed on
its behalf, by the undersigned, thereunto duly authorized.
KAMAN CORPORATION
By: Harvey S. Levenson,
President
Dated: January 20, 1995
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EXHIBIT INDEX
Exhibit Description
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99 Press Release of the Company, dated January 20, 1995
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PRESS RELEASE
KAMAN MERGES SUBSIDIARIES;
ANTICIPATES $44 MILLION CHARGE
BLOOMFIELD, CONNECTICUT (January 20, 1995) (NASDAQ:KAMNA)
Kaman Corp. announced today that it will take a pre-tax charge of
approximately $44 million to write-down the investment in its Raymond
Engineering subsidiary and merge it into its Kaman Aerospace subsidiary.
Approximately 70 percent of the charge is for non-cash items such as the
write-down of goodwill, facilities, equipment and inventories. As a result
of this charge, the company expects to report a net loss for the fourth
quarter of between $1.50 and $1.55 per common share, and between 90 and
95 cents loss per common share for the year ended December 31, 1994.
"The ongoing decline in defense spending is causing continued
consolidations in the industry," according to Chairman and Chief
Executive Officer Charles H. Kaman. "The changes in our country's
defense planning, spending policies and the implementation of
acquisition reform in 1994 have caused us to further adjust our
defense market strategy.
"In order to enhance operating efficiencies to compete in this
environment, we have merged Raymond Engineering into Kaman Aerospace.
Force reductions, yet to be determined, will follow," said Kaman.
Raymond Engineering, based in Middletown, Conn., designs, develops
and manufactures digital mass memory systems, weapons safety devices
and other products. Kaman Aerospace, based here, is a prime and a
subcontractor for military and commercial aviation, both fixed-
and rotary-wing. The company is also a leader in advanced technology
systems development.
Parent company Kaman Corp., based here, is a widely diversified,
Fortune 500 company providing products and services to industrial
and commercial markets along with high technology products for
defense markets.
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Contact:
J. Kenneth Nasshan
(203) 243-7319
