Kaman Corporation reported unaudited consolidated earnings results for first quarter ended March 29, 2013. For the quarter, the company’s net sales were $388,075,000 against $383,719,000 a year ago. Operating income was $13,767,000 against $16,714,000 a year ago. Earnings from continuing operations before income tax were $10,368,000 against $14,144,000 a year ago. Earnings from continuing operations were $7,154,000 against $9,092,000 a year ago. Diluted earnings per share from continuing operations were $0.26 against $0.35 a year ago. Net earnings were $7,154,000 against $9,403,000 a year ago. Diluted net earnings per share were $0.26 against $0.36 a year ago. Sales were in line with expectations and earnings were slightly better than expected due to a favorable sales mix of Aerospace programs, which more than offset weaker than expected performance in distribution, where pre-tax earnings were impacted by a $3 million restructuring charge. Net cash used in operating activities was $34,562,000 against $23,771,000 a year ago. Expenditures for property, plant & equipment was $11,841,000 against $5,287,000 a year ago. For the year 2013, the company reaffirmed the expected guidance. Aerospace segment sales of $620 million to $635 million, up 6.7% to 9.3% over 2012; aerospace segment operating margins of 16.0% to 16.5%; distribution segment sales of $1,080 million to $1,115 million, up 6.7% to 10.2% over 2012 (sales from continuing operations); distribution segment operating margins of 5.2% to 5.6%; interest expense of approximately $13.0 million; tax rate of approximately 35%; capital expenditures of $40 million to $45 million and free cash flow of $35 million to $40 million. Cash flows from operations of $75.0 to $85.0 and expenditures for property, plant and equipment are expected to be $40.0 million to $45.0 million.

Kaman Corp. announced that Robert D. Starr has been appointed to the position of Senior Vice President and Chief Financial Officer (CFO) effective as of July 1, 2013, upon the retirement of William C. Denninger, Executive Vice President and CFO, on June 30, 2013. Starr will report to Neal J. Keating, Chairman, President and Chief Executive Officer of the company. Starr, who joined the company in 2009, currently serves as Vice President and Treasurer. His responsibilities in that position have included management and oversight of the company's treasury department, banking relationships, capital market transactions and investment management of the assets of the company's tax-qualified retirement plans. Prior to joining Kaman, Starr was employed by Crane Co., where he served as Assistant Treasurer.

Kaman Corporation announced that the New Zealand Cabinet has authorized the New Zealand Ministry of Defence (MoD) to enter into an approximately $120 million contract with Kaman Aerospace Corporation for the purchase of ten SH-2G(I) Super Seasprite aircraft, spare parts, a full mission flight simulator, and related logistics support. The MoD and Kaman expect to execute a contract in the next few weeks. Kaman anticipates the contract will call for the aircraft to be delivered over an approximately three year period with revenue recognition beginning in 2013.