The following table illustrates the calculation of Adjusted Earnings from Continuing Operations and Adjusted Diluted Earnings per Share from Continuing Operations using “Earnings from Continuing Operations” and “Diluted earnings per share from continuing operations” from the “Consolidated Statements of Operations” included in the Company's Form 10-Q filed with the Securities and Exchange Commission on November 2, 2021.
Table 3. Adjusted Earnings from continuing operations and Adjusted Diluted Earnings per Share from continuing operations |
||||||||||||||||||||||||||||||
(In thousands except per share amounts) (unaudited) |
||||||||||||||||||||||||||||||
|
|
For the Three Months Ended |
|
For the Three Months Ended |
||||||||||||||||||||||||||
|
|
October 1, 2021 |
|
October 2, 2020 |
||||||||||||||||||||||||||
|
|
Pre-Tax |
|
Tax-Effected |
|
Diluted EPS |
|
Pre-Tax |
|
Tax-Effected |
|
Diluted EPS |
||||||||||||||||||
GAAP Earnings (loss) from continuing operations, as reported |
|
$ |
19,114 |
|
|
|
$ |
14,667 |
|
|
|
$ |
0.53 |
|
|
|
$ |
(37,828 |
) |
|
|
$ |
(38,507 |
) |
|
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Noncash, non tax goodwill impairment charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50,307 |
|
|
|
50,307 |
|
|
|
1.82 |
|
|
||||||
| Restructuring and severance costs |
|
2,611 |
|
|
|
2,003 |
|
|
|
0.07 |
|
|
|
1,541 |
|
|
|
1,187 |
|
|
|
0.04 |
|
|
||||||
| Costs associated with corporate development activities |
|
136 |
|
|
|
104 |
|
|
|
— |
|
|
|
1,866 |
|
|
|
1,437 |
|
|
|
0.05 |
|
|
||||||
| Bal Seal acquisition costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14 |
|
|
|
11 |
|
|
|
— |
|
|
||||||
| Cost of acquired Bal Seal retention plans |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,703 |
|
|
|
4,423 |
|
|
|
0.16 |
|
|
||||||
| Costs from transition services agreement |
|
24 |
|
|
|
18 |
|
|
|
— |
|
|
|
3,019 |
|
|
|
2,325 |
|
|
|
0.08 |
|
|
||||||
| Income from transition services agreement |
|
(14 |
) |
|
|
(11 |
) |
|
|
— |
|
|
|
(1,829 |
) |
|
|
(1,409 |
) |
|
|
(0.05 |
) |
|
||||||
| Senior leadership transition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
280 |
|
|
|
216 |
|
|
|
0.01 |
|
|
||||||
| Employee tax-related matters in foreign operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(648 |
) |
|
|
(648 |
) |
|
|
(0.02 |
) |
|
||||||
| Adjustments |
|
$ |
2,757 |
|
|
|
$ |
2,114 |
|
|
|
$ |
0.07 |
|
|
|
$ |
60,253 |
|
|
|
$ |
57,849 |
|
|
|
$ |
2.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| Adjusted Earnings from continuing operations |
|
$ |
21,871 |
|
|
|
$ |
16,781 |
|
|
|
$ |
0.60 |
|
|
|
$ |
22,425 |
|
|
|
$ |
19,342 |
|
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| Diluted weighted average shares outstanding |
|
|
|
|
|
27,888 |
|
|
|
|
|
|
|
27,687 |
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
For the Nine Months Ended |
|
For the Nine Months Ended |
||||||||||||||||||||||||||
|
|
|
October 1, 2021 |
|
October 2, 2020 |
||||||||||||||||||||||||||
|
|
|
Pre-Tax |
|
Tax-Effected |
|
Diluted EPS |
|
Pre-Tax |
|
Tax-Effected |
|
Diluted EPS |
||||||||||||||||||
| GAAP Earnings (loss) from continuing operations, as reported |
|
$ |
44,663 |
|
|
|
$ |
34,507 |
|
|
|
$ |
1.24 |
|
|
|
$ |
(40,036 |
) |
|
|
$ |
(39,014 |
) |
|
|
$ |
(1.41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| Noncash, non tax goodwill impairment charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50,307 |
|
|
|
50,307 |
|
|
|
1.82 |
|
|
||||||
| Restructuring and severance costs |
|
5,479 |
|
|
|
4,280 |
|
|
|
0.15 |
|
|
|
7,820 |
|
|
|
6,023 |
|
|
|
0.22 |
|
|
||||||
| Costs associated with corporate development activities |
|
551 |
|
|
|
432 |
|
|
|
0.02 |
|
|
|
4,332 |
|
|
|
3,337 |
|
|
|
0.12 |
|
|
||||||
| Bal Seal acquisition costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,461 |
|
|
|
6,517 |
|
|
|
0.24 |
|
|
||||||
| Cost of acquired Bal Seal retention plans |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,110 |
|
|
|
13,269 |
|
|
|
0.47 |
|
|
||||||
| Inventory step-up associated with Bal Seal acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,355 |
|
|
|
1,826 |
|
|
|
0.06 |
|
|
||||||
| Costs from transition services agreement |
|
1,728 |
|
|
|
1,370 |
|
|
|
0.05 |
|
|
|
11,532 |
|
|
|
8,882 |
|
|
|
0.32 |
|
|
||||||
| Income from transition services agreement |
|
(931 |
) |
|
|
(739 |
) |
|
|
(0.03 |
) |
|
|
(7,853 |
) |
|
|
(6,048 |
) |
|
|
(0.22 |
) |
|
||||||
| Senior leadership transition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
280 |
|
|
|
216 |
|
|
|
0.01 |
|
|
||||||
| Employee tax-related matters in foreign operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,859 |
) |
|
|
(1,692 |
) |
|
|
(0.06 |
) |
|
||||||
| Reversal of environmental accrual at GRW |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(264 |
) |
|
|
(198 |
) |
|
|
(0.01 |
) |
|
||||||
| Loss (gain) on sale of business |
|
234 |
|
|
|
234 |
|
|
|
0.01 |
|
|
|
(493 |
) |
|
|
(370 |
) |
|
|
(0.01 |
) |
|
||||||
| Tax effect on sale of UK operations |
|
287 |
|
|
|
287 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
||||||
| Adjustments |
|
$ |
7,348 |
|
|
|
$ |
5,864 |
|
|
|
$ |
0.21 |
|
|
|
$ |
91,728 |
|
|
|
$ |
82,069 |
|
|
|
$ |
2.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| Adjusted Earnings from continuing operations |
|
$ |
52,011 |
|
|
|
$ |
40,371 |
|
|
|
$ |
1.45 |
|
|
|
$ |
51,692 |
|
|
|
$ |
43,055 |
|
|
|
$ |
1.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| Diluted weighted average shares outstanding |
|
|
|
|
|
27,889 |
|
|
|
|
|
|
|
27,718 |
|
|
||||||||||||||
|
Kaman Reports 2021 Third Quarter Results
Adjusted Earnings from Continuing Operations and Adjusted Diluted Earnings Per Share from Continuing Operations - Adjusted Earnings from Continuing Operations and Adjusted Diluted Earnings per Share from Continuing Operations are defined as GAAP "Earnings from Continuing Operations" and "Diluted earnings per share from continuing operations", less items that are not indicative of the operating performance of the business for the periods presented. These items are included in the reconciliation below. Management uses Adjusted Earnings from Continuing Operations and Adjusted Diluted Earnings per Share from Continuing Operations to evaluate performance period over period, to analyze the underlying trends in our business and to assess its performance relative to its competitors. We believe that this information is useful for investors and financial institutions seeking to analyze and compare companies on the basis of operating performance.
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