26.02.15

Kadant: 2014 Q4 and Fiscal Year Results

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WESTFORD - Kadant Inc. (NYSE:KAI) reported its financial results for the fourth quarter and fiscal year ended January 3, 2015.

Fourth Quarter and Fiscal Year 2014 Financial Highlights

    GAAP diluted earnings per share (EPS) from continuing operations increased 58% to $0.82 in the fourth quarter of 2014 compared to $0.52 in the fourth quarter of 2013. Compared to the fourth quarter of 2013, diluted EPS in the fourth quarter of 2014 included expenses of $0.05 related to the unfavorable effects of foreign currency translation, $0.05 associated with a higher effective tax rate, and $0.04 of dilution from the acquisition and relocation of a screen cylinder product line in October 2014. Guidance for the fourth quarter of 2014 was $0.72 to $0.74.
    Net income from continuing operations increased 53% to $9 million in the fourth quarter of 2014 compared to $6 million in the fourth quarter of 2013 and increased 22% to $29 million in 2014 compared to $23 million in 2013.
    Adjusted diluted EPS increased 29% to a record $0.81 in the fourth quarter of 2014 compared to $0.63 in the fourth quarter of 2013.
    For 2014, GAAP diluted EPS from continuing operations increased 24% to $2.56 compared to $2.07 in 2013. Adjusted diluted EPS increased 24% to a record $2.78 in 2014 compared to $2.24 in 2013.
    Adjusted EBITDA increased 26% to a record $56 million in 2014 compared to $45 million in 2013.
    Revenue increased 11% to a record $105 million in the fourth quarter of 2014 compared to $95 million in the fourth quarter of 2013, including a 5% decrease from the unfavorable effects of currency translation. For 2014, revenue increased 17% to a record $402 million compared to $344 million in 2013, including an 11% increase from acquisitions. Excluding acquisitions and the foreign currency translation effects, revenue increased 16% in the fourth quarter of 2014 compared to the fourth quarter of 2013 and 6% in 2014 compared to 2013.
    Bookings increased 23% to $103 million in the fourth quarter of 2014 compared to $84 million in the fourth quarter of 2013, including a 4% decrease from the unfavorable effects of foreign currency translation and a 1% increase from acquisitions. For 2014, bookings increased 26% to a record $433 million compared to $343 million in 2013, including a 12% increase from acquisitions and a 1% decrease from the unfavorable effects of foreign currency translation. Excluding acquisitions and the foreign currency translation effects, bookings increased 26% in the fourth quarter of 2014 compared to the fourth quarter of 2013 and 15% in 2014 compared to 2013.
    Cash flows from continuing operations were $18 million in the fourth quarter of 2014, the second highest level ever achieved, and increased 22% to a record $49 million in 2014 compared to $40 million in 2013.

Note: Revenue excluding acquisitions and the effects of foreign currency translation, adjusted diluted EPS, and adjusted EBITDA are non-GAAP measures that exclude certain items as detailed later in this press release under the heading “Use of Non-GAAP Financial Measures” and in the reconciliation tables below. The fourth quarter and fiscal year 2014 included an additional week compared with the comparable periods in fiscal 2013.

Management Commentary

“We had excellent results in fiscal year 2014 and ended the year with record-setting fourth quarter performances in revenue, adjusted EBITDA, and adjusted diluted EPS,” said Jonathan W. Painter, president and chief executive officer of Kadant. “Our record results for the fourth quarter of 2014 were achieved despite the negative effects of foreign currency translation due to a stronger U.S. dollar, which reduced revenue by $5 million and diluted EPS by $0.05 compared to the fourth quarter of 2013.

“Revenue in the fourth quarter was a record $105 million, increasing 11 percent compared to the fourth quarter of 2013, including a 35 percent increase in North America primarily due to strong performances in our Wood Processing Systems, Stock-Preparation, and Fluid-Handling product lines. For 2014, revenue increased 17 percent to a record $402 million, including 11 percent from acquisitions. Excluding acquisitions and the unfavorable impact of currency rates, revenue increased a solid six percent in 2014.

“Cash flow was excellent in the fourth quarter of 2014 at $18 million and contributed to a new record cash flow of $49 million in 2014, up 22 percent compared to 2013. We ended the year with net cash of $20 million.

“Overall, we are very pleased with the record financial performance in fiscal year 2014 that resulted from solid contributions both from our businesses acquired in 2014 and 2013 and from well-executed internal growth initiatives. Our adjusted return on invested capital increased to 12.7% in 2014. We returned more than $21 million of capital to our shareholders through share repurchases and dividends, representing 75 percent of our net income in 2014.”

Fourth Quarter 2014

Kadant reported revenue from continuing operations of $105.2 million in the fourth quarter of 2014, an increase of $10.4 million, or 11 percent, compared to $94.8 million in the fourth quarter of 2013. Revenue for the fourth quarter of 2014 included $0.4 million from acquisitions and a $4.8 million decrease from the unfavorable effects of foreign currency translation compared to the fourth quarter of 2013. Excluding acquisitions and the unfavorable effects of foreign currency translation, revenue increased $14.8 million, or 16%, to $109.6 million in the fourth quarter of 2014 compared to $94.8 million in the fourth quarter of 2013.

Operating income from continuing operations was $12.3 million in the fourth quarter of 2014 compared to $7.6 million in the fourth quarter of 2013. Operating income in the fourth quarter of 2014 includes a $0.1 million restructuring benefit. Operating income in the fourth quarter of 2013 includes $1.9 million of expense related to acquired inventory and backlog and a $0.2 million restructuring benefit. Adjusted operating income, a non-GAAP measure, was $12.2 million in the fourth quarter of 2014 compared to $9.3 million in the fourth quarter of 2013.

Net income from continuing operations was $9.1 million in the fourth quarter of 2014, or $0.82 per diluted share, compared to $5.9 million, or $0.52 per diluted share, in the fourth quarter of 2013. Net income from continuing operations in the fourth quarter of 2014 included a $0.1 million, or $0.01 per diluted share, after-tax restructuring benefit. Net income from continuing operations in the fourth quarter of 2013 included after-tax expense related to acquired inventory and backlog of $1.4 million, or $0.12 per diluted share, and a $0.1 million, or $0.01 per diluted share, after-tax restructuring benefit. Adjusted net income, a non-GAAP measure, was $9.0 million, or $0.81 per diluted share, in the fourth quarter of 2014 compared to $7.2 million, or $0.63 per diluted share, in the fourth quarter of 2013.

 Fiscal Year 2014

For fiscal year 2014, Kadant reported revenue from continuing operations of $402.1 million, an increase of $57.6 million, or 17 percent, compared with $344.5 million in 2013. Revenue for 2014 included $38.1 million from acquisitions and a $2.8 million decrease from the unfavorable effects of foreign currency translation. Excluding acquisitions and the unfavorable effects of foreign currency translation, revenue increased $22.3 million, or 6%, to $366.8 million in 2014 compared to $344.5 million in 2013.

Operating income from continuing operations was $42.1 million in 2014 compared to $33.3 million in 2013. Operating income in 2014 includes $2.6 million of expense related to acquired inventory and backlog and $0.8 million of restructuring costs. Operating income in 2013 includes $2.6 million of expense related to acquired inventory and backlog and $0.1 million of restructuring costs. Adjusted operating income, a non-GAAP measure, was $45.5 million in 2014 compared to $36.0 million in 2013.

Net income from continuing operations was $28.7 million in 2014, or $2.56 per diluted share, compared to $23.5 million, or $2.07 per diluted share, in 2013. Net income from continuing operations in 2014 included after-tax expense related to acquired inventory and backlog of $1.9 million, or $0.17 per diluted share, and after-tax restructuring costs of $0.6 million, or $0.05 per diluted share. Net income from continuing operations in 2013 included after-tax expense related to acquired inventory and backlog of $1.9 million, or $0.17 per diluted share. Adjusted net income, a non-GAAP measure, was $31.2 million, or $2.78 per diluted share, in 2014 compared to $25.4 million, or $2.24 per diluted share, in 2013.

 Guidance

“We expect to achieve GAAP diluted EPS from continuing operations of $3.05 to $3.15 in 2015 on revenue of $413 to $423 million,” Mr. Painter continued. “The 2015 guidance incudes an unfavorable foreign currency translation effect of $17 million on revenue and $0.12 on diluted EPS compared to 2014. Due to the variability of order flow and shipments of capital projects, we expect the first quarter of 2015 to be weaker with stronger successive quarterly operating results for the remainder of the year. For the first quarter of 2015, we expect to achieve GAAP diluted EPS from continuing operations of $0.57 to $0.59, including $0.01 of restructuring costs and $0.01 of expense related to acquired inventory and backlog, on revenue of $94 to $96 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.


Contact:
Kadant Inc.
Thomas M. O’Brien, 978-776-2000
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