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Kadant: Q1 results

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WESTFORD, Mass. - Kadant Inc. (NYSE:KAI) reported its financial results for the first quarter ended April 4, 2015.

First Quarter 2015 Financial Highlights

    GAAP diluted earnings per share (EPS) from continuing operations increased 38% to $0.62 in the first quarter of 2015 compared to $0.45 in the first quarter of 2014. The first quarter of 2015 included a $0.04 unfavorable effect of foreign currency translation compared to the first quarter of 2014. Guidance was $0.57 to $0.59.
    Net income from continuing operations increased 35% to $7 million in the first quarter of 2015 compared to $5 million in the first quarter of 2014.
    Adjusted diluted EPS increased 5% to $0.63 in the first quarter of 2015 compared to $0.60 in the first quarter of 2014.
    Revenue decreased 1% to $92 million in the first quarter of 2015 compared to $93 million in the first quarter of 2014, including an $8 million, or 8%, decrease from the unfavorable effects of foreign currency translation and a $2 million, or 2%, increase from acquisitions. Excluding acquisitions and the foreign currency translation effect, revenue increased 5% in the first quarter of 2015 compared to the first quarter of 2014.
    Parts and consumables revenue increased 8% to a record $65 million in the first quarter of 2015, compared to the first quarter of 2014, and represented 71% of total revenue. Excluding a $6 million unfavorable effect of foreign currency translation, parts and consumables revenue increased 17% compared to the first quarter of 2014.
    Gross margin was 48.1% in the first quarter of 2015, compared to 45.2% in the first quarter of 2014 and was the second highest in the Company’s history.
    Operating income increased 36% to $10 million in the first quarter of 2015 compared to the first quarter of 2014 and represented 11.2% of revenue.
    Bookings decreased 6% to $108 million in the first quarter of 2015 compared to $115 million in the first quarter of 2014, including a $9 million, or 8%, decrease from the unfavorable effects of foreign currency translation and a $2 million, or 2%, increase from acquisitions. Excluding acquisitions and the foreign currency translation effect, bookings were flat in the first quarter of 2015 compared to the first quarter of 2014. Book-to-bill ratio was 1.17.
    Parts and consumables bookings were a record $68 million in the first quarter of 2015, increasing 4% compared to the first quarter of 2014. Excluding a $6 million unfavorable effect of foreign currency translation, parts and consumables bookings increased 13% compared to the first quarter of 2014.
    Backlog was a record $136 million at the end of the first quarter of 2015.
    Quarterly dividend increased from $0.15 to $0.17 per share in March 2015.

Note: Adjusted diluted EPS is a non-GAAP financial measure that excludes certain items as detailed later in this press release under the heading “Use of Non-GAAP Financial Measures” and in the reconciliation tables below.

Management Commentary

“We had a solid first quarter with a record backlog, strong bookings, and excellent gross margin along with better-than-expected earnings per share performance,” said Jonathan W. Painter, president and chief executive officer of Kadant Inc. “Our diluted earnings per share from continuing operations was $0.62 in the first quarter of 2015 which exceeded our guidance of $0.57 to $0.59. Our operating margin increased to 11.2 percent in the first quarter of 2015 compared to 8.2 percent in the first quarter of 2014.

“Revenue of $92 million in the first quarter of 2015 was down one percent compared to the first quarter of 2014 and was significantly impacted by the effect of foreign currency translation. Excluding the effects of foreign currency translation and acquisitions, our internal revenue growth was five percent in the first quarter of 2015. Our parts and consumables revenue was a record $65 million in the first quarter of 2015 and made up 71 percent of our total revenue.”

First Quarter 2015

Kadant reported revenue of $92.3 million in the first quarter of 2015, a decrease of $1.1 million, or one percent, compared with $93.4 million in the first quarter of 2014. Revenue for the first quarter of 2015 included $1.8 million from acquisitions and a $7.6 million decrease from foreign currency translation compared to the first quarter of 2014. Operating income from continuing operations increased 36 percent to $10.4 million in the first quarter of 2015 compared to $7.6 million in the first quarter of 2014. Operating income included $0.1 million of expense related to acquired inventory and backlog and $0.1 million of restructuring costs in the first quarter of 2015 compared to $2.0 million of expense related to acquired inventory and backlog and $0.3 million of restructuring costs in the first quarter of 2014. Adjusted operating income, a non-GAAP measure, was $10.6 million in the first quarter of 2015 compared to $10.0 million in the first quarter of 2014.

Net income from continuing operations was $6.8 million in the first quarter of 2015, or $0.62 per diluted share, compared to $5.1 million, or $0.45 per diluted share, in the first quarter of 2014. Net income from continuing operations in the first quarter of 2015 included a $0.1 million, or $0.01 per diluted share, after-tax restructuring cost. Net income from continuing operations in the first quarter of 2014 included after-tax restructuring costs of $0.2 million, or $0.02 per diluted share, and after-tax expense of $1.5 million, or $0.13 per diluted share, related to acquired inventory and backlog. Adjusted net income, a non-GAAP measure, was $7.0 million, or $0.63 per diluted share, in the first quarter of 2015 compared to $6.8 million, or $0.60 per diluted share, in the first quarter of 2014.

 Guidance

“Our solid start to 2015 and record backlog has positioned us well for another good year,” Mr. Painter continued. “We anticipate that a higher gross margin will outweigh the negative impact of foreign currency translation on our diluted EPS for the full year and we are maintaining our guidance for GAAP diluted EPS from continuing operations of $3.05 to $3.15. However, we are lowering our full year revenue guidance due entirely to the negative effects of foreign currency translation and we now expect revenue of $403 to $410 million, revised from our previous guidance of $413 to $423 million. For the second quarter of 2015, we expect to achieve GAAP diluted EPS from continuing operations of $0.69 to $0.71 on revenue of $95 to $97 million.”


About Kadant

Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide. The Company’s products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries. Kadant is based in Westford, Massachusetts, with revenue of $402 million in fiscal year 2014 and 1,800 employees in 18 countries worldwide. For more information, visit www.kadant.com.

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